LAVAL, QC, Oct. 21 /CNW Telbec/ - Acasti Pharma Inc., a pharmaceutical
subsidiary of Neptune Technologies & Bioressources Inc. ("Neptune")
(NASDAQ.NEPT - TSX.V.NTB) today announced that it has acquired a majority of
the 9,380,355 non-convertible notes issued by Neptune on August 11, 2008 in
payment of the dividend declared July 17, 2008. Acasti Pharma offered to
acquire the notes in exchange for the issuance by Acasti Pharma of up to
9,380,355 units, each unit comprised of one Class A share of Acasti Pharma and
one warrant to purchase one Class A share of Acasti Pharma, exercisable at a
price of $0.40 and expiring in two years ("the Exchange"). To complete the
Exchange, Neptune will also transfer to eligible Neptune option holders Acasti
Pharma warrants at the same exercise price of $0.40 expiring in two years.
The Exchange was approved by the shareholders of Neptune at the annual
and special meeting of Neptune shareholders on September 25, 2008 and by the
TSX Venture Exchange. Neptune will not receive any consideration for the
Exchange. There is presently no market for the shares or warrants of Acasti
Pharma, nor will there be following the Exchange.
About Acasti Pharma
Acasti Pharma's product portfolio of proprietary novel long-chain omega-3
phospholipids are sourced from sustainable abundant marine biomass including
Antarctic krill (Euphausia superba). Phospholipids are the major component of
cell membranes and are essential for all vital cell processes. They are one of
the principal constituents of High Density Lipoprotein (good cholesterol) and
play, as such, an important role in modulating cholesterol efflux. Acasti
Pharma's proprietary novel phospholipids carry and functionalize the
polyunsaturated omega-3 fatty acids EPA and DHA, which have been shown to have
substantial health benefits and which are stabilized by potent antioxidants.
Acasti Pharma is focusing initially on treatments for chronic cardiovascular
About Neptune Technologies
Neptune researches and develops proprietary bioactive ingredients and
products for nutraceutical and pharmaceutical applications and is carrying out
clinical research to show the therapeutic benefits in various medical
indications. The Company patents and protects its innovations and continuously
expands its intellectual property portfolio. Neptune has already obtained many
regulatory approvals allowing commercialization of its products in various
geographic markets and has filed for and is expecting additional approvals.
Neptune continues to strongly support its strategic development plan to form
partnership with worldwide leaders in the nutraceutical industries. Neptune
signed agreements with Nestlé and Yoplait, worldwide leading food
manufacturers, and paved its entrance into the global functional food market.
Neither NASDAQ nor TSX venture exchange accepts responsibility for the
adequacy or accuracy of this press release.
Statements in this press release that are not statements of historical or
current fact constitute "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities
laws. Such forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the actual results
of the Company to be materially different from historical results or from any
future results expressed or implied by such forward-looking statements. In
addition to statements which explicitly describe such risks and uncertainties,
readers are urged to consider statements labeled with the terms "believes,"
"belief," "expects," "intends," "anticipates," "will," or "plans" to be
uncertain and forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that are described
from time to time in the Company's reports filed with the Securities and
Exchange Commission and the Canadian securities commissions.
For further information:
For further information: Neptune Technologies and Acasti Pharma: Toni
Rinow, Ph.D., MBA, Corporate Development & Investor Relations, Neptune
Technologies & Bioressources Inc., (450) 687-2262, firstname.lastname@example.org;
www.neptunebiotech.com; Source: Neptune Technologies & Bioressources Inc.